The board of state-owned Bharat Petroleum Corporation Ltd (BPCL) has authorised the ethylene cracker project at Bina Refinery, which includes downstream petrochemical plants and refinery expansion, with a capital investment of roughly Rs 49,000 crore, according to the corporation.

The Ethylene Cracker Project, which will drive the production of key petrochemicals, is the central component of the expansion projects. The project includes the construction of an Ethylene Cracker (EC) Complex, downstream Petrochemical Plants, and the extension of Bina Refinery's existing capacity from 7.8 MMTPA to 11 MMTPA, as well as ancillary facilities.

"BPCL has leapfrogged into the world of Petrochemicals as we embark on the?49000 Ethylene Cracker project in our Bina Refinery, in tandem with the expansion of Refining capacity to 11 MMTPA," said G Krishnakumar, C&MD, BPCL. This, together with our investments in Wind Energy and new age Petroleum Oil Lubricants facilities designed for sustainable processes, marks a watershed point in our strategic endeavour to remain at the forefront of satisfying India's rapidly expanding need for energy and petrochemical products."

According to the company, the overall project cost for two 50 MW wind power plants is roughly Rs 978 crore (Rs 489 crore for each project).

BPCL is also investing heavily in Petroleum Oil Lubricants (POL) and Lube Oil Base Stock (LOBS) plants with receipt pipes at Rasayani in Maharashtra. With an estimated cost of Rs. 2,753 crore, this project intends to increase storage capacity, smooth the supply chain, and streamline the delivery of vital petroleum products.

The company also stated that these expansion initiatives are in line with its aim to diversify and expand into adjacent and alternative companies in order to generate additional revenue streams and a cleaner environment by expanding its renewable energy portfolio to meet Net Zero targets in Scope 1 and Scope 2 emissions.